Bitcoin has finally witnessed a rise in exchange values after nearly a week of declines. On Thursday, September 23, the price of Bitcoin rose 4.41% and the cryptocurrency started trading in India at Rs. 34 88 719, or around $ 47,237.26. This is the first time since last week that Bitcoin prices have increased. Analysts suspected that the recent disruption in the Chinese real estate market due to a $ 300 billion investment (approx. Rs. 22 15 657 crores) debt issue from a Chinese developer. With Bitcoin, the day started on a positive note for other cryptocurrencies including Ethereum and Cardano, among others.
Ethereum, the second most valuable cryptocurrency in the world, saw a huge 8.65% rise in exchange rates. It is currently trading at Rs. 2,47030.28 (around $ 3,344.79). Other cryptocurrencies such as Cardano, Ripple, Polkadot as well as the memes-based Dogecoin have seen exchange rates rise.
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“The last 24 hours have been relatively better for the cryptocurrency market compared to the performance of the rest of the week. With this minor recovery, the global crypto market capitalization has managed to rise by over 3.2%. The next 24 hours could be crucial for the crypto markets as there would be a constant struggle between the bulls and the bears, ”Edul Patel, CEO and co-founder of crypto investment platform Mudrex told Gadgets 360.
So far, Tether and USD Coin cryptocurrencies have seen marginal declines.